14 companies ink memoranda of understanding

Visakhapatnam: As many as 14 companies signed memoranda of understanding (MOUs) with AP government, involving a total commitment of over Rs3,500 crore investment in Sri City. The MoUs were signed in the presence of the Chief Minister Nara Chandrababu Naidu, Amarnatha Reddy, Minister for Industries and Talari Aditya, MLA, Satyavedu, and Ravindranath Sannareddy, founder & MD of Sri City.

Ravindranath Sannareddy said: “At the outset, I admire AP Chief Minister for making a strong pitch for investments into the State. In line with his ‘Make in AP’ policy, Sri City emerges as one of the most preferred investment destinations, boosting local manufacturing which, in turn, will give a fillip to creation of jobs and get the economy of state and region on a fast track. The need of the hour is creating employment in the region, and we are very happy to note that all these companies would provide direct employment for about 4,000 people,” he added.

The 14 companies, which inked the agreements with Sri City are from different sectors including engineering, renewable energy, consumer durables, logistics solutions, food processing, etc. All put together, these companies are expected to create job opportunities for about 4000 people. Of the 14 companies, three each are from China and USA, two from Japan, one from Singapore and the remaining are from India. While two companies -- ZTT and CX Precision-- are expanding their existing units, remaining are all new customers.